长安汽车（000625）：深蓝及阿维塔销量同比较高增长，新车即将上市

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.43 CNY [5][2]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 59.47 billion CNY, 82.68 billion CNY, and 101.25 billion CNY for the years 2024, 2025, and 2026 respectively, with a target price based on a 21x PE valuation [2]. - The company has seen significant growth in sales, particularly in its new energy vehicle segment, with notable increases in the sales of its brands Deep Blue and Avita [10][8]. Financial Performance Summary - Revenue: The company reported revenues of 121.25 billion CNY in 2022, with projections of 151.30 billion CNY in 2023, and expected growth to 174.82 billion CNY in 2024, 194.29 billion CNY in 2025, and 213.01 billion CNY in 2026, reflecting a growth rate of 15.3% in 2022 and 24.8% in 2023 [4][11]. - Net Profit: The net profit attributable to shareholders was 7.80 billion CNY in 2022, increasing to 11.33 billion CNY in 2023, but projected to decline to 5.95 billion CNY in 2024 before recovering to 8.27 billion CNY in 2025 and 10.13 billion CNY in 2026 [4][11]. - Earnings Per Share (EPS): EPS is projected to be 0.79 CNY in 2022, increasing to 1.14 CNY in 2023, but expected to drop to 0.60 CNY in 2024, before rising to 0.83 CNY in 2025 and 1.02 CNY in 2026 [4][11]. - Profit Margins: The gross margin is expected to decline from 20.5% in 2022 to 16.1% in 2024, before slightly recovering to 18.0% by 2026 [4][11]. - Return on Equity (ROE): ROE is projected to decrease from 13.2% in 2022 to 8.1% in 2024, with a gradual recovery to 11.5% by 2026 [4][11].